DCIT, CIRCLE-4(1) NEW DELHI Vs. JUBLIANT ENPRO PVT. LTD.
INCOME TAX APPELLATE TRIBUNAL
Dcit, Circle -4(1) New Delhi
Jubliant Enpro Pvt. Ltd.
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R.S.Syal, Member (A) -
(1.) THIS appeal by the Revenue emanates from the order passed by the CIT(A) on 4.12.2009 deleting the penalty of Rs. 23 lakh imposed by the Assessing Officer u/s. 271(1)(c) of the Income -tax Act, 1961 (hereinafter also called 'the Act') in relation to the assessment year 1998 -99.
(2.) BRIEFLY stated the facts of the case are that the assessee filed its return declaring net loss of Rs. 2,07,90,899/ - under the normal provision of the Act and income of Rs. 22,52,830/ - u/s. 115JA of the Act. The assessment was concluded u/s. 143(3) of the Act by computing a positive total income under the normal provision of the Act at Rs. 1,83,56,802/ - and income u/s. 115JA at Rs. 34,03,022/ -. In such assessment, the Assessing Officer made the following additions/disallowances:
On the basis of the above additions/disallowances, the Assessing Officer imposed penalty to the tune of Rs. 23 lakh by observing that the assessee accepted the additions at serial No. i to vi above without raising any objection in appeals and the last addition of Rs. 2,23,148/ - at serial no. vii. was unsuccessfully contested in appeal. The ld. CIT(A) ordered for the deletion of penalty. The Revenue is aggrieved against such deletion of penalty.
(3.) AFTER considering the rival submissions and perusing the relevant material on record, we find that there are certain inconsistencies in the penalty order passed by the Assessing Officer in mentioning that the additions at serial no. i to vi were accepted by the assessee uncontested and lost its case in appeal in respect of addition at serial no. vii. We will deal with these items of disallowances one by one.;
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